Recent News
On February 3, 2026 Smith-Midland began production on a $1.9M contract to supply SoftSound noise wall panels and related precast components for a Virginia Beach improvement project. On January 22, 2026 the company announced a $1.84M award to provide Freestanding J-J Hooks precast barriers for a Georgia Department of Transportation project. On December 16, 2025 Smith-Midland reported production underway for more than $1M in precast utility vaults and manholes for a new data center in Mineral, Virginia. On March 2, 2026 coverage noted a share-price uptick and highlighted recent contract activity.
Technical Analysis
Directional indicators show an emerging trend: ADX at 21.52 indicates trend strength emerging. DI+ at 25.65 shows a dip-and-reversal, which reads as bullish; DI- at 17.60 decreasing also reads as bullish, reinforcing short-term directional bias. Together these point to directional conviction that supports momentum into the near term.
MACD sits positive at 0.39 with the MACD line above the signal line (signal -0.17); the MACD’s dip-and-reversal denotes bullish momentum and the cross above the signal line confirms upward momentum now in place.
MRO reads 27.58 and rising, which indicates the price currently sits above the model target; that condition implies a higher probability of mean reversion or consolidation from current levels if momentum stalls.
RSI at 52.72 with a dip-and-reversal indicates renewed buying interest without overbought extremes, supporting a continuation of the recent upside while leaving room for further gains.
Price trades above key averages: close $39.82 versus 12-day EMA $36.06, 20-day average $34.72, 50-day $35.50 and 200-day $35.82, a configuration that supports bullish price bias. Price sits above the 1x Bollinger upper band ($37.46) but below the 2x upper band ($40.21), indicating elevated upside momentum with limited immediate overextension. SuperTrend lower support lies near $35.27 and should act as a visible structural support level for near-term pullbacks.
Fundamental Analysis
Revenue totaled $21,451,000 with revenue growth year-over-year of -18.08%, reflecting lower top-line comparables. Gross profit reached $5,759,000 and gross margin at 26.85% exceeds the industry peer mean of 21.43%, supporting stronger unit economics despite revenue compression.
Operating metrics show operating margin 17.97% and EBIT margin 18.25%. EBIT margin contracted QoQ by about 13.80 percentage points but expanded YoY by roughly 10.36 percentage points, indicating margin volatility tied to project mix and rental activity while maintaining multi-quarter improvement versus the prior year.
Profitability returns remain positive: return on equity 5.52% and return on assets 3.45%, though both declined QoQ (ROE down ~34.84% QoQ; ROA down ~35.48% QoQ), reflecting sensitivity to near-term revenue swings and working capital timing.
Balance sheet and liquidity show strength: cash and short-term investments $13,376,000, current ratio 2.76 and quick ratio 2.33. Total debt low at $4,690,000 produces debt-to-assets 5.49% and debt-to-EBITDA ~1.04x; interest coverage near 89 indicates minimal leverage stress.
Cash generation supports operations: operating cash flow $9,314,000, free cash flow $6,447,000 and free cash flow yield about 3.25%, which sits above the industry peer mean free cash flow yield of ~1.66%, supporting the WMDST valuation assessment.
Valuation: WMDST values the stock as under-valued. The enterprise multiple reads 41.96 while market-cap stands near $198.7M; higher margins versus industry peer mean and a free cash flow yield above the industry peer mean underpin the under-valued determination, though the elevated enterprise multiple and project-driven revenue volatility warrant caution.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2026-02-12 |
| NEXT REPORT DATE: | 2026-05-14 |
| CASH FLOW | Begin Period Cash Flow | $ 7.1 M |
| Operating Cash Flow | $ 9.3 M | |
| Capital Expenditures | $ -2.87 M | |
| Change In Working Capital | $ 6.0 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 6.3 M | |
| End Period Cash Flow | $ 13.4 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 21.5 M | |
| Forward Revenue | — | |
| COSTS | ||
| Cost Of Revenue | $ 15.7 M | |
| Depreciation | $ 613.0 K | |
| Depreciation and Amortization | $ 613.0 K | |
| Research and Development | — | |
| Total Operating Expenses | $ 17.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 5.8 M | |
| EBITDA | $ 4.5 M | |
| EBIT | $ 3.9 M | |
| Operating Income | $ 3.9 M | |
| Interest Income | $ 72.0 K | |
| Interest Expense | $ 44.0 K | |
| Net Interest Income | $ 28.0 K | |
| Income Before Tax | $ 3.9 M | |
| Tax Provision | $ 994.0 K | |
| Tax Rate | 26.0 % | |
| Net Income | $ 2.9 M | |
| Net Income From Continuing Operations | $ 2.9 M | |
| EARNINGS | ||
| EPS Estimate | — | |
| EPS Actual | — | |
| EPS Difference | — | |
| EPS Surprise | — | |
| Forward EPS | — | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 85.4 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 52.1 M | |
| Total Current Assets | $ 49.8 M | |
| Cash and Short-Term Investments | $ 13.4 M | |
| Cash | $ 13.4 M | |
| Net Receivables | $ 26.9 M | |
| Inventory | $ 7.9 M | |
| Long-Term Investments | $ 505.0 K | |
| LIABILITIES | ||
| Accounts Payable | $ 5.7 M | |
| Short-Term Debt | $ 657.0 K | |
| Total Current Liabilities | $ 18.0 M | |
| Net Debt | — | |
| Total Debt | $ 4.7 M | |
| Total Liabilities | $ 33.3 M | |
| EQUITY | ||
| Total Equity | $ 52.1 M | |
| Retained Earnings | $ 44.4 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 9.83 | |
| Shares Outstanding | 5.305 M | |
| Revenue Per-Share | $ 4.04 | |
| VALUATION | Market Capitalization | $ 198.7 M |
| Enterprise Value | $ 190.0 M | |
| Enterprise Multiple | 41.964 | |
| Enterprise Multiple QoQ | 32.992 % | |
| Enterprise Multiple YoY | 14.269 % | |
| Enterprise Multiple IPRWA | high: 131.097 median: 59.103 mean: 53.107 SMID: 41.964 low: -45.941 |
|
| EV/R | 8.858 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.639 | |
| Asset To Liability | 2.565 | |
| Debt To Capital | 0.083 | |
| Debt To Assets | 0.055 | |
| Debt To Assets QoQ | -8.349 % | |
| Debt To Assets YoY | 461.822 % | |
| Debt To Assets IPRWA | high: 0.792 median: 0.244 mean: 0.226 SMID: 0.055 low: 0.002 |
|
| Debt To Equity | 0.09 | |
| Debt To Equity QoQ | -8.873 % | |
| Debt To Equity YoY | 457.435 % | |
| Debt To Equity IPRWA | high: 1.946 mean: 0.676 median: 0.612 SMID: 0.09 low: 0.002 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.812 | |
| Price To Book QoQ | -4.755 % | |
| Price To Book YoY | -13.311 % | |
| Price To Book IPRWA | high: 11.745 mean: 6.275 median: 5.222 SMID: 3.812 low: -0.303 |
|
| Price To Earnings (P/E) | — | |
| Price To Earnings QoQ | — | |
| Price To Earnings YoY | — | |
| Price To Earnings IPRWA | — | |
| PE/G Ratio | — | |
| Price To Sales (P/S) | 9.263 | |
| Price To Sales QoQ | 23.074 % | |
| Price To Sales YoY | 23.157 % | |
| Price To Sales IPRWA | high: 24.589 SMID: 9.263 mean: 6.828 median: 6.737 low: 0.204 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | — | |
| Forward PE/G | — | |
| Forward P/S | — | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1.625 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.257 | |
| Asset Turnover Ratio QoQ | -23.384 % | |
| Asset Turnover Ratio YoY | -28.659 % | |
| Asset Turnover Ratio IPRWA | high: 0.643 mean: 0.36 median: 0.32 SMID: 0.257 low: 0.019 |
|
| Receivables Turnover | 0.735 | |
| Receivables Turnover Ratio QoQ | -22.325 % | |
| Receivables Turnover Ratio YoY | -42.625 % | |
| Receivables Turnover Ratio IPRWA | high: 5.99 mean: 1.764 median: 1.639 SMID: 0.735 low: 0.72 |
|
| Inventory Turnover | 2.082 | |
| Inventory Turnover Ratio QoQ | -17.008 % | |
| Inventory Turnover Ratio YoY | -20.975 % | |
| Inventory Turnover Ratio IPRWA | high: 44.608 mean: 15.708 median: 8.633 SMID: 2.082 low: 0.269 |
|
| Days Sales Outstanding (DSO) | 124.23 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 132.971 | |
| Cash Conversion Cycle Days QoQ | 26.226 % | |
| Cash Conversion Cycle Days YoY | 70.85 % | |
| Cash Conversion Cycle Days IPRWA | high: 249.747 SMID: 132.971 median: 35.602 mean: 33.447 low: -36.642 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.675 | |
| CapEx To Revenue | -0.134 | |
| CapEx To Depreciation | -4.677 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 56.1 M | |
| Net Invested Capital | $ 56.7 M | |
| Invested Capital | $ 56.7 M | |
| Net Tangible Assets | $ 52.1 M | |
| Net Working Capital | $ 31.8 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.742 | |
| Current Ratio | 2.763 | |
| Current Ratio QoQ | -4.013 % | |
| Current Ratio YoY | -0.46 % | |
| Current Ratio IPRWA | high: 3.71 SMID: 2.763 mean: 1.611 median: 1.301 low: 0.103 |
|
| Quick Ratio | 2.325 | |
| Quick Ratio QoQ | -4.802 % | |
| Quick Ratio YoY | 1.959 % | |
| Quick Ratio IPRWA | high: 2.965 SMID: 2.325 mean: 1.534 median: 1.296 low: 0.069 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 1.036 | |
| Cost Of Debt | 0.685 % | |
| Interest Coverage Ratio | 88.977 | |
| Interest Coverage Ratio QoQ | -0.494 % | |
| Interest Coverage Ratio YoY | 27.762 % | |
| Interest Coverage Ratio IPRWA | SMID: 88.977 high: 48.808 mean: 13.849 median: 8.075 low: -42.909 |
|
| Operating Cash Flow Ratio | 0.411 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 28.64 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 5.249 % | |
| Revenue Growth | -18.082 % | |
| Revenue Growth QoQ | -217.668 % | |
| Revenue Growth YoY | -190.063 % | |
| Revenue Growth IPRWA | high: 45.722 % median: 5.995 % mean: 5.954 % SMID: -18.082 % low: -30.219 % |
|
| Earnings Growth | — | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | — | |
| MARGINS | ||
| Gross Margin | 26.847 % | |
| Gross Margin QoQ | -9.706 % | |
| Gross Margin YoY | -3.753 % | |
| Gross Margin IPRWA | high: 49.439 % SMID: 26.847 % median: 22.317 % mean: 21.431 % low: -13.331 % |
|
| EBIT Margin | 18.251 % | |
| EBIT Margin QoQ | -13.797 % | |
| EBIT Margin YoY | 10.358 % | |
| EBIT Margin IPRWA | high: 27.2 % SMID: 18.251 % mean: 10.476 % median: 10.022 % low: -14.014 % |
|
| Return On Sales (ROS) | 17.967 % | |
| Return On Sales QoQ | -14.735 % | |
| Return On Sales YoY | 8.641 % | |
| Return On Sales IPRWA | high: 24.385 % SMID: 17.967 % mean: 10.215 % median: 10.094 % low: -14.192 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 6.4 M | |
| Free Cash Flow Yield | 3.245 % | |
| Free Cash Flow Yield QoQ | -468.331 % | |
| Free Cash Flow Yield YoY | 213.83 % | |
| Free Cash Flow Yield IPRWA | high: 16.122 % SMID: 3.245 % median: 1.771 % mean: 1.664 % low: -15.175 % |
|
| Free Cash Growth | -471.157 % | |
| Free Cash Growth QoQ | 127.513 % | |
| Free Cash Growth YoY | -662.455 % | |
| Free Cash Growth IPRWA | high: 583.204 % mean: 50.379 % median: 30.667 % SMID: -471.157 % low: -490.961 % |
|
| Free Cash To Net Income | 2.241 | |
| Cash Flow Margin | 34.549 % | |
| Cash Flow To Earnings | 2.576 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 3.454 % | |
| Return On Assets QoQ | -35.475 % | |
| Return On Assets YoY | -28.355 % | |
| Return On Assets IPRWA | high: 6.641 % SMID: 3.454 % mean: 2.427 % median: 2.06 % low: -12.201 % |
|
| Return On Capital Employed (ROCE) | 5.808 % | |
| Return On Equity (ROE) | 0.055 | |
| Return On Equity QoQ | -34.841 % | |
| Return On Equity YoY | -29.325 % | |
| Return On Equity IPRWA | high: 0.131 median: 0.062 mean: 0.062 SMID: 0.055 low: -0.333 |
|
| DuPont ROE | 5.676 % | |
| Return On Invested Capital (ROIC) | 5.13 % | |
| Return On Invested Capital QoQ | -34.315 % | |
| Return On Invested Capital YoY | -113.414 % | |
| Return On Invested Capital IPRWA | high: 11.248 % SMID: 5.13 % mean: 4.37 % median: 3.681 % low: -6.036 % |
|